874

LAWS OF MARYLAND.

CHAP 608.

Directors
to be elected.

SEC. 3. And be it enacted. That the officers of the said cor-
poration shall be managed by ten directors, who are to be
elected annually in the month of January by the stockholders,
and that the first directors of said corporation shall be elected
by the persons named in the first section of this Act within
ninety days from the date of this Act, said directors thus first
elected to serve until the annual meeting in January following ;.
said directors shall, within ninety days after the passage of
this Act and annually in the month of January thereafter,
elect from their number a president, vice-president, secretary
and treasurer, or both, to act as secretary and treasurer, and
such other officers as they may see fit; a majority of said
directors shall form a quorum and be fully authorized for the
transaction of any business ; and said board of directors shall
have full power from time to time to make such by-laws, rules-
and regulations as in their judgment they may deem necessary
for the welfare of said corporation ; they shall also fix the
amount of bond to be given by the officers for the faithful
discharge of their respective duties, and to regulate their sala-
ries to be paid them.

Authority to
borrow or
loan money,
etc.

SEC. 4. And be it enacted, That said corporation shall have
power to borrow money, receive money on deposit, to loan
money or to discount it in accordance with bank usage, taking
such security therefor, either real or personal, as the board of
directors of said bank may deem sufficient; may buy and sell
bills of exchange, notes, bonds or other securities ; may accept
and hold all such trusts as shall or may be committed to it by
any person, or by the order or direction of any judge or Court
or tribunal ; may make such special regulation in reference to
trust funds and special or other deposits as the board of direc-
tors may think advisable; may purchase and hold such real
and personal estate and property as may be necessary for the
accommodation and transaction of its business ; may issue letters
of credit and other commercial obligations, and generally may
do and transact a general banking business; provided, that no
part of the funds of said corporation shall be loaned to an
officer or director thereof ; said corporation shall be subject at
all times to the provisions of the Act of 1892, chapter 109, or
any amendment or supplements thereto.

Entitled to
one vote for
every share
of stock
held.

SEC. 5. And be it enacted, That at all elections of directors
every stockholder shall be entitled to one vote for every share
held, and the stockholders may either vote in person or by
proxy: but no share of stock shall entitle any holder to a
vote which shall not have been holden two calendar months
previous to the day of election.